Fusion IP plc - Mesuro £700k funding

15 Jun 2012

Mesuro secures £700k of funding to expand overseas sales of its revolutionary RF systems

Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce that Mesuro, the Cardiff University spin-out which sells RF testing equipment and device measurement services to the semiconductor industry, has announced today that it has completed a £700k funding round to expand overseas sales of its revolutionary RF testing equipment.

Fusion IP invested £300k in the round and as a result its shareholding is 46.5%.

The funds are to be used to increase the capacity of the business to deal with the enhanced levels of overseas sales activity that the company is seeing in both its consultancy services and its RF testing equipment sales. Sales of over £800k have been delivered to customers in the first half of the year, including the company's first sale to Japan, a key milestone for the company.

Richard Emsley, CEO of Mesuro, added: "These funds will enable Mesuro to capitalise on the huge level of interest being shown in Mesuro's RF technology, which enables device manufacturers to obtain the very highest performance from their designs, maximise their efficiency, reduce power consumption and improve time to market. We look forward to accelerating the growth of the company over the next 12 months."

David Baynes, CEO of Fusion IP, commented: "The Mesuro sales are extremely encouraging and these funds should enable the company to convert its highly promising pipeline in the coming year."

Ann Casey, Investment Executive Finance Wales, commented: "Mesuro has made excellent progress in developing and commercialising its testing equipment. It is clearly focused on its market and already achieving creditable sales levels.  We are pleased to participate in this funding round as it will give Mesuro the capital it needs to expand into new markets and we look forward to seeing even greater sales revenues."

For further information please contact:

Fusion IP
+44 (0) 114 275 5555
David Baynes, CEO
Stuart Gall (Commercial Director and Press relations)

Mesuro
+44 (0) 7730 289 459
Richard Emsley, CEO

Seymour Pierce
+44 (0) 20 7107 8000
Freddy Crossley , Corporate Finance
Catherine Leftley, Corporate Finance
David Banks, Corporate Broking

About Fusion IP

Fusion IP plc (Fusion) was established in 2002 to commercialise university-generated intellectual property.  It has long-term exclusive agreements with two of the UK's leading research intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to a combined R&D spend of over £185m a year.

Fusion's first agreement was a ten-year exclusive arrangement with the University of Sheffield, giving it the right to commercialise (through the creation of spin-out companies and licensing) research, owned by the University, initially in the area of medical life sciences. This agreement was expanded in July 2008 to include all non-life science research-generated IP such as energy, engineering and electronics. Fusion has significant shareholdings in a portfolio of University of Sheffield spin-out companies including Simcyp, Magnomatics, Diurnal and Phase Focus.

In January 2007, Fusion completed a ten year exclusive agreement with Cardiff University, also giving it the right to commercialise (through the creation of spin-out companies) Cardiff University's research-generated IP.  Fusion has significant shareholdings in a portfolio of Cardiff University spin-out companies including Mesuro, Asalus and MedaPhor.

On 2 December 2009 Fusion announced that it had raised approximately £3.2 million through a fund raising and that as a result, IP Group held approximately 19.8% of Fusion. Fusion has also entered into a Co-Investment Agreement with IP Group, in which IP Group has the right to acquire for cash, 20% of Fusion's equity in any new portfolio company. As Fusion normally owns 60% of any new portfolio company at start-up, IP Group's shareholding would normally equate to a 12% stake in the new portfolio company.

Fusion IP also has a Memorandum of Understanding with Finance Wales, the provider of commercial funding to Wales-based SMEs, which outlines a strategy of co-investment in opportunities arising from the Cardiff Agreement.

On 8 November 2011 Fusion announced that it had raised approximately £5 million through a fundraising with existing and new institutional investors. As a result of this IP Group holds an interest in approximately 26% of Fusion.

For more information visit: www.fusionip.co.uk

About Mesuro


Headquartered in Cardiff, UK, Mesuro focuses on commercialising RF test and measurement technologies resulting from Cardiff University's world-renowned Centre for High Frequency Engineering. Mesuro's measurement solutions overcome many of the limitations inherent in traditional design and testing processes by providing complete information and control of high frequency signals of the circuits under test. This allows for the development of an integrated development process that streamlines the development and testing cycle and reduces time to market. In addition to offering turnkey active load pull solutions, Mesuro also offers a wide range of testing services.

For more information, visit: www.mesuro.com